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Dubai's Shuaa Capital says no business impact from lay-offs

Financial firm says six employees have been axed, most of them in support roles

By Reuters

Wed 25 May 2016 02:51 PM

Dubai's Shuaa Capital said on Wednesday that it had laid off six employees, most of them in support roles, and that the job cuts would not affect its business.

"This step does not have a significant impact on the company's performance and balance sheet," Shuaa said in a bourse statement.

On Monday, Reuters quoted sources familiar with the matter as saying the investment bank had made about 15 percent of 70 staff redundant. At the time, Shuaa did not respond to Reuters requests for comment.

In April Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, mandated Emirates NBD to arrange a sales process for its 48 percent stake in Shuaa.

In its statement on Wednesday, Shuaa said it was "not in a position to comment" on whether the job cuts were related to the sales process, which would be negotiated at the level of its shareholders.